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BofA’s Moynihan: Trading unit faces further cost cuts

HSBC could announce plans to cut as many as 20,000 jobs next week, BofA’s Moynihan: Trading unit faces further cost cuts May 27, 2015 09:35 AM banking

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Bank of America Corp is planning "a couple of hundred" job cuts at its global banking and markets unit, the wall street journal reported. The bank could announce the layoffs as early as Tuesday.

Bank of America Corporation’s Brian Moynihan is known as a problem-fixer and cost-cutter and in his three years as the bank’s chief executive officer, he has had that reputation tested like.

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Bank of America Corp. said its first-quarter profit fell 13%, hurt by a big drop in trading revenue and the continued drag of low interest rates. Shares dropped 1% in premarket trading after rising nearly 4% on Wednesday. The Charlotte, N.C.-based bank reported a profit of $2.68 billion, or 21 cents.

Bank of America, the second-biggest U.S. lender, will have to reduce expenses further in its markets trading division unless revenue improves, CEO Brian Moynihan said Wednesday.

Gains for BofA were distributed more or less evenly between net interest income, which is driven by the difference between banks’ borrowing costs and the rate they charge on loans, and institutional businesses such as trading and investment banking. Expenses were mostly flat, even as revenues grew in every major business unit.

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Bank of America CEO says more cuts to come unless revenues improve. Ian Bolland @imboll. 4 years ago. Ian Bolland. BofA’s Moynihan Says Trading Unit Faces Further Cost Cuts.

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